Gold hits a one year high and has its best quarter in 30 years in US trading Thursday as global stock markets crumble. Gold last reported is $1251.20 and silver is $15.84

Janet Yellen admitted Wednesday that the Fed’s QE programs had no chance of stimulating economic growth around the globe. Of course we already know Quantitative Easing was never intended to “stimulate” anything but America’s Big Six banks.

Congress was greeted today with less than desired verbiage as Yellen warned that, “the outlook for the US economy had become more cloudy.” Further dampening spirits she said, “Financial conditions in the United States have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar.”

“These developments, if they prove persistent, could weigh on the outlook for economic activity and the labor market.” Janet, these developments have not only been “persistent” since 2008, they are worsening on global scale.

On Tuesday, the US hit another record but it’s not a record anyone wants. The US Census Bureau reported that the US trade deficit with China hit an all-time high in 2015 at $365,694,500,000. The deficit with China increased $22.6 billion to $365.7 billion in 2015. The $22,615,700,000 increase in the merchandise trade deficit the U.S. ran with China last year was a 6.6-percent jump from the $343,078,800,000 trade deficit the U.S. ran with China in 2014.

While the Fed maintains, “it’s all China’s fault,” all global markets point to a depression that will dwarf anything we saw in 2008 because this time around, it’s global. Ex Dallas Fed president Richard Fisher said in January that fault lies solely at the Feds feet. “What the Fed did, and I was part of it, was front loaded an enormous market rally in order to create a wealth effect and an uncomfortable digestive period is likely now.” Fisher goes on to say that “the Fed is a giant weapon that has no ammunition left.”

As uncomfortable as it may be for Washington’s dreamers, i.e. republicans, democrats and our illustrious president, the gig is up and it’s time to pay the piper. The only thing they won’t accept is the blame for selling Americans down the river to insolvency.

Stock market losses around the globe are here to stay and there’s no better way to protect our assets than with physical gold and silver. There’s a reason both metals are up 12% YTD while markets are getting hammered.